Latest Figures Show New Home Prices Increase, Sales Decline in Allentown
Posted on: Aug 08, 2014 11:06:15 AM
In the Allentown, PA market, new home closings dropped year-over-year in April, a move downward following a rise in March 2014. Closings slumped 17.5% from a year earlier to 47. This followed a 12.3% boost year-over-year in March.
A total of 837 new homes were sold during the 12 months that ended in April, down from 847 for the year that ended in March.
Of the total number of closings, new home closings made up 5.9%. They represented 6.3% of closings a year earlier. After rising year-over-year in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes increased 18.4% year-over-year to $319,042 per unit. This gain is smaller than the 23.5% surge in March year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In April 2014, average mortgage size grew 22.7% from a year earlier to $267,850. In March 2014, average mortgage size increased 10.6% from a year earlier.